Stocks

SP500 Is In A Higher Degree CorrectionSep 7, 2023

SP500 is in a higher degree correction, as we see it in a larger consolidation within uptrend by Elliott wave theory.

SP500 has been bullish most of the year; a trend that can resume after a corrective pullback, which is underway now, seen in wave 4 on a daily chart.

SP500 Is In A Higher Degree Correction SP500 Daily Futures Chart
SP500 Daily Futures Chart

However, wave 4 should then be made by three waves before correction can come to an end; which is not the case yet, as the recent bounce to 4492-4543 resistance area looks like a corrective wave, ideally wave (B), so be aware of more weakness after recent turn down. Ideally, wave (C) of 4 is now underway towards the lower side of a summer range. If wave (A) low is not going to be broken then wave four can also become a triangle rather than deep A-B-C drop.

SP500 Is In A Higher Degree Correction SP500 4H Futures Chart
SP500 4H Futures Chart

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